Cloopen: A Clean Cloud, or Still Under Stormy Skies?

Cloud services provider’s investigation confirms revenue inflation last year, while separate, but similar, investigation by retailer Miniso finds no evidence of misleading claims involving its franchise model Key Takeaways: An internal investigation by cloud services provider Cloopen found the company inflated its revenue by about 5% in last year’s second and third quarters The new China-U.S. information-sharing agreement could help restore investor confidence in such U.S.-listed Chinese companies By Doug Young A couple of new announcements involving internal investigations results for two U.S.-listed Chinese companies are showing why we need…

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FAST NEWS: Live-streamer Scienjoy’s Revenue Grows But Profit Slumps

The latest: Livestreaming platform operator Scienjoy Holding Corp. (SJ.US) reported Thursday its revenue rose 28.8% in the second quarter to 507 million yuan ($75.6 million), while its net profit dropped 26.8% 67.4 million yuan. Looking up: The company’s total paying users rose 3.9% year-over-year to 268,772, with average revenue per paying user up to 1,876 yuan from 1,497 yuan. Take Note: The company had 47,990 active broadcasters at the end of June, down 32% from 70,651 a year earlier, likely flagging a potential hit to future revenue. Digging Deeper: China’s livestreaming industry has…

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Loss-hit Fenbi Tech Seeks IPO Cash After Education Sector Upheaval

The slimmed-down provider of tutoring for civil service exams and vocational training has filed to list on the Hong Kong Stock Exchange for the second time Key Takeaways: Fenbi Technology has posted losses of more than 2.5 billion yuan in the past two years after shifting from online into offline training The company laid off more than 9,400 employees and cut staff salaries to ease financial pressure By Fai Pui A year after a tutoring crackdown shattered China’s prosperous education sector, the still viable pieces of the business are seeking…

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